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Interim Results

25 Sep 2023 07:00

RNS Number : 4230N
Baron Oil PLC
25 September 2023
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310

Baron Oil Plc

("Baron", or the "Company")

Interim Results for the six months ended 30 June 2023

Baron Oil Plc (AIM: BOIL), the AIM-quoted oil and gas exploration and appraisal company focused on assets in SE Asia and the UK, is pleased to announce its unaudited interim results for the six months ended 30 June 2023.

Chief Executive's Statement

Timor-Leste TL-SO-19-16 PSC ("Chuditch PSC" or "PSC") (Baron 75% interest)

The Company's strategic and operational priority this year continues to be to prepare for the drilling and testing of an appraisal well on the Chuditch-1 gas discovery. Success here will prove up the commerciality of the 1,165 Bcf of gas (194MMboe) gross Pmean Contingent Resources in the field and de-risk an additional 1,651 Bcf (275MMboe) of gross Pmean Prospective Resources. The granting of a further six-month PSC extension in June 2023 demonstrates the strength of our relationships in Dili.

Our ongoing discussions with potential funding partners provide additional affirmation that the technical case is robust and there is alignment on the requirement for drilling an appraisal well on Chuditch, followed by additional exploration activities to delineate the total on block gas resources for this LNG scale project.

Technical activities during 2023 have been focused on further detailed interrogation of our data, to identify optimal candidate locations for Chuditch appraisal drilling, including additional geophysical work and environmental impact studies. Based on these studies, we have selected a preferred appraisal drilling location, which is approximately 4.8km from the Chuditch-1 discovery well. This represents a substantial step-out, illustrating the size of the field and our confidence in the reprocessed seismic datasets. This location is now being input into the detailed well planning programme. In anticipation of the proposed drilling of an appraisal well, the Company is in discussions with various contractors and is actively assessing the availability of suitable rigs, equipment and personnel.

Dunrobin (UKCS P2478) - Reabold (Admin.) 36%; Baron 32%; Upland Resources 32%

The publication of the CPR by RPS Group in February 2023 provided independent confirmation of the Company's belief that the western part of the Dunrobin complex had matured into a drillable prospect where a relatively low-cost exploration well can target more than 100 MMbbl of gross Pmean Prospective Resources with modest geological risk.

In July 2023, post period end, the joint venture announced that it had been granted a two-year extension to Phase A of the licence by the UK North Sea Transition Authority ("NSTA"). The additional commitment is to acquire a minimum of 30 square kilometres of 3D seismic data which will complete the 3D coverage over the Dunrobin West prospect.

Plans for execution of this new seismic programme during the first half of next year are underway with contractors, stakeholders and the NSTA. On completion of this work, aimed primarily at further reducing pre-drill risks and volumetric uncertainty, the partners intend to re-engage with potentially interested third parties in respect of the drilling of an exploration well. A 'Drill or Drop' decision on P2478 is now required on or before 14 July 2025.

New Ventures

Baron continues to pursue additional new venture opportunities, to enhance and complement the existing portfolio. In particular, we await the outcome of the UK 33rd Round of Licensing where we participated in a licence application as a non-operating partner. The NSTA has recently indicated that any offer would be made before the end of 2023.

Corporate

The net loss after finance costs and tax of £847,000 (30 June 2022: net loss of £419,000; year to 31 December 2022: net loss of £1,387,000), represented a loss of 0.004p per share (30 June 2022: 0.003p; year to 31 December 2022: 0.010p).

We continue to build out our operations, either in support of existing projects or in the pursuit of new opportunities. We are able to do this as the Company has a well-funded balance sheet which more than covers our current activities and commitments. Available cash (excluding monies held as security for the bank guarantee in Timor-Leste) as at 30 June 2023 was £4,619,000 (30 June 2022: £2,365,000; 31 December 2022: £5,807,000).

On 1 July 2023, Dr. Andy Butler joined the Board as Director, Asia Pacific. He has been closely associated with Baron and Chuditch from the outset through our initial new venture partnership to the capture and de-risking of the TL-SO-19-16 PSC in Timor-Leste. He adds technical and commercial capacity to the Board as well as providing access and expertise in Asia. Andy continues to manage the Timor-Leste project.

During August 2023, we completed the switch over of the US$1m Bank Guarantee ("BG") for the Chuditch PSC from United Overseas Bank Limited of Singapore to ANZ Banking Group Limited in Timor-Leste. In line with its full ownership of both SundaGas (Timor-Leste Sahul) Pte. Ltd. and SundaGas Banda Unipessoal Lda., Baron has provided 100% of the funds required for the BG. 

John Wakefield, Non-Executive Chairman, commented:

"All of our efforts are currently focused on the Chuditch PSC drilling decision to be made late in 2023 for a Chuditch-1 appraisal well. We are making good progress and are in advanced discussions with a number of potential funding partners. We look forward to updating shareholders as soon as we are able."

 

Qualified Person's Statement

Pursuant to the requirements of the AIM Rules - Note for Mining and Oil and Gas Companies ("AIM MOG"), the technical information and resource reporting contained in this announcement has been reviewed by Jon Ford BSc, Fellow of the Geological Society, Technical Director of the Company. Mr Ford has more than 40 years' experience as a petroleum geoscientist. He has compiled, read and approved the technical disclosure in this regulatory announcement and indicated where it does not comply with the Society of Petroleum Engineers' SPE PRMS standard.

For further information, please contact:

Baron Oil Plc +44 (0) 20 7117 2849

Andy Yeo, Chief Executive

Allenby Capital Limited +44 (0) 20 3328 5656

Nominated Adviser and Joint Broker

Alex Brearley, Nick Harriss, George Payne (Corporate Finance)

Kelly Gardiner (Sales and Corporate Broking)

Cavendish Securities Plc +44 (0) 131 220 6939

Joint Broker +44 (0) 207 397 8900

Neil McDonald, Pearl Kellie (Corporate Finance) 

Leif Powis (Sales)

IFC Advisory Limited +44 (0) 20 3934 6630

Financial PR and IR baronoil@investor-focus.co.uk

Tim Metcalfe, Florence Chandler

 

Glossary

 

Bcf

Billion standard cubic feet of gas.

Contingent Resources

Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies.

LNG

Liquefied natural gas

Mean or Pmean

Reflects a mid-case volume estimate of resource derived using probabilistic methodology. This is the mean of the probability distribution for the resource estimates and may be skewed by resource numbers with relatively low probabilities.

MMbbl

Million barrels of oil

MMboe

Million barrels of oil equivalent. Volume derived by dividing the estimate of the volume of natural gas in billion cubic feet by six in order to convert it to an equivalent in million barrels of oil and, where relevant, adding this to an estimate of the volume of oil in millions of barrels.

Prospective Resources

Quantities of petroleum that are estimated to exist originally in naturally occurring reservoirs, as of a given date. Crude oil in-place, natural gas in-place, and natural bitumen in-place are defined in the same manner.

SPE PRMS

The Society of Petroleum Engineers' ("SPE") Petroleum Resources Management System ("PRMS"): a system developed for consistent and reliable definition, classification, and estimation of hydrocarbon resources prepared by the Oil and Gas Reserves Committee of SPE and approved by the SPE Board in June 2018 following input from six sponsoring societies: the World Petroleum Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation Engineers, the Society of Exploration Geophysicists, the European Association of Geoscientists and Engineers, and the Society of Petrophysicists and Well Log Analysts.

 

 

 

 

Consolidated Income Statement

for the six months ended 30 June 2023

 

6 months to

6 months to

Year to

30 June

30 June

31 December

2023

2022

2022

Note

Unaudited

Unaudited

Audited

£'000

£'000

£'000

Revenue

 

-

-

-

Cost of sales

-

-

-

Gross loss

 

-

-

-

Exploration and evaluation expenditure

(93)

(120)

(213)

Property, plant and equipment depreciation

(17)

(8)

(33)

Receivables reduction in impairment

-

44

-

Administration expenses

5

(778)

(497)

(1,191)

Profit/(loss) arising on foreign exchange

(37)

161

43

Operating loss

6

(925)

(420)

(1,394)

Finance cost

(4)

(1)

(5)

Finance income

82

2

12

Loss on ordinary activities before taxation

(847)

(419)

(1,387)

Income tax (expense)/benefit

7

-

-

-

Loss on ordinary activities after taxation

 

(847)

(419)

(1,387)

Loss on ordinary activities after taxation attributable to owners of the parent

 

(847)

(419)

(1,387)

Earnings per share: basic

8

(0.004)p

(0.003)p

(0.010)p

Diluted

8

(0.004)p

(0.003)p

(0.010)p

 

 

Consolidated Statement of Comprehensive Income

for the six months ended 30 June 2023

 

6 months to

6 months to

Year to

 

30 June

30 June

31 December

 

2023

2022

2022

 

Unaudited

Unaudited

Audited

 

£'000

£'000

£'000

 

Loss on ordinary activities after taxation attributable to owners of the parent

 

(847)

(419)

(1,387)

 

 

Other comprehensive income: items which may subsequently be reclassified to profit and loss

 

 

Exchange difference on translating foreign operations

(144)

55

174

 

Total comprehensive income for the period

 

(991)

(364)

(1,213)

 

 

Total comprehensive income attributable to owners of the parent

(991)

(364)

(1,213)

 

 

 

 

Consolidated Statement of Financial Position

at 30 June 2023

30 June

30 June

31 December

 

2023

2022

2022

 

Unaudited

Unaudited

Audited

 

Assets

Note

£'000

£'000

£'000

 

Non-current assets

 

 

Property, plant and equipment

58

40

78

 

Intangible fixed assets

3,728

3,266

3,696

 

 

 

 

3,786

3,306

3,774

 

Current assets

 

 

Receivables

117

119

101

 

Performance bond guarantee deposit

9

790

823

827

 

Cash and cash equivalents

4,619

2,365

5,807

 

 

 

 

5,526

3,307

6,735

 

 

Total assets

 

9,312

6,613

10,509

 

 

Equity and liabilities

 

 

Capital and reserves attributable to owners of the parent

 

 

Called up share capital

10

4,746

3,583

4,730

 

Share premium account

38,881

34,882

38,846

 

Share option reserve

319

332

332

 

Foreign exchange translation reserve

1,591

1,616

1,735

 

Retained earnings

(36,389)

(34,587)

(35,555)

 

Total equity

 

9,148

5,826

10,088

 

 

Current liabilities

 

 

Trade and other payables

126

760

377

 

Taxes payable

14

13

14

 

 

140

773

391

 

 

Non-current liabilities

 

 

Lease finance

24

14

30

 

 

Total liabilities

 

164

787

421

 

 

 

 

Total equity and liabilities

 

9,312

6,613

10,509

 

 

 

Consolidated Statement of Cash Flows

for the six months ended 30 June 2023

 

6 months to

6 months to

Year to

30 June

30 June

31 December

2023

2022

2022

Unaudited

Unaudited

Audited

Note

£'000

£'000

£'000

Operating activities

11

(1,172)

(511)

(1,750)

Investing activities

 

Return from investment and servicing of finance

82

2

12

Performance bond guarantee deposit

-

119

128

Additions to exploration and evaluation assets

(130)

(383)

(806)

Acquisition of tangible assets

-

(15)

(17)

 

 

(48)

(277)

(683)

Financing activities

 

Proceeds from issue of share capital

51

1,508

6,619

Lease financing

(19)

(5)

(29)

32

1,503

6,590

Net cash (outflow)/inflow

 

(1,188)

715

4,157

Cash and cash equivalents at the beginning of the period

5,807

1,650

1,650

Cash and cash equivalents at the end of the period

 

4,619

2,365

5,807

 

 

 

Consolidated Statement of Changes in Equity

for the six months ended 30 June 2023

 

Share

Foreign

Share

Share

Retained

option

exchange

Total

capital

premium

earnings

reserve

translation

equity

£'000

£'000

£'000

£'000

£'000

£'000

As at 1 January 2022

2,896

34,061

(34,224)

388

1,561

4,682

Shares issued

1,834

4,785

-

-

-

6,619

Transactions with owners (net of transaction costs)

1,834

4,785

-

-

-

6,619

Loss for the year attributable to equity shareholders

-

-

(1,387)

-

-

(1,387)

Share option reserve released

-

-

56

(56)

-

-

Foreign exchange translation adjustments

-

-

-

-

174

174

Total comprehensive income for the period

-

-

(1,331)

(56)

174

(1,213)

As at 1 January 2023

4,730

38,846

(35,555)

332

1,735

10,088

Shares issued

16

35

-

-

-

51

Transactions with owners

16

35

-

-

-

51

Loss for the year attributable to equity shareholders

-

-

(847)

-

-

(847)

Share based payments

-

-

13

(13)

-

-

Foreign exchange translation adjustments

-

-

-

-

(144)

(144)

Total comprehensive income for the period

-

-

(834)

(13)

(144)

(991)

As at 30 June 2023

4,746

38,881

(36,389)

319

1,591

9,148

 

 

Notes to the Interim Financial Information

1. General Information

Baron Oil Plc is a company incorporated in England and Wales and quoted on the AIM Market of the London Stock Exchange. The registered office address is Finsgate, 5-7 Cranwood Street, London EC1V 9EE.

The principal activity of the Group is that of oil and gas exploration and appraisal.

This financial information is a condensed set of financial statements and is prepared in accordance with the requirements of IAS 34 and does not include all the information and disclosures required in annual financial statements and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2022. The financial information for the six months to 30 June 2023 is unaudited and does not comprise statutory financial statements within the meaning of Section 435 of the Companies Act 2006.

Statutory financial statements for the year ended 31 December 2022, prepared under UK-adopted IFRS, were approved by the Board of Directors on 22 May 2023 and delivered to the Registrar of Companies.

 

2. Basis of Preparation

This consolidated interim financial information has been prepared in accordance with UK adopted International Financial Reporting Standards ("IFRS") and IFRIC interpretations issued by the International Accounting Standards Board (IASB), and on the historical cost basis, using the accounting policies which are consistent with those set out in the Company's Annual Report and Financial Statements for the year ended 31 December 2022. This interim financial information for the six months to 30 June 2023, which complies with IAS 34 'Interim Financial Reporting', was approved by the Board on 22 September 2023.

 

3. Accounting Policies

The accounting policies applied for the six months to 30 June 2023 are consistent with those of the annual financial statements for the year ended 31 December 2022, as described in those annual financial statements.

The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. The nature of estimation means that actual outcomes could differ from those estimates. Estimates and assumptions used in the preparation of the financial statements are continually reviewed and revised as necessary. Whilst every effort is made to ensure that such estimates and assumptions are reasonable, by their nature they are uncertain, and as such, changes in estimates and assumptions may have a material impact in the financial information.

 

 

 

 

4. Segmental information

 

 

United Kingdom

South America

South East Asia

Total

 

Six months ended 30 June 2023

 

£'000

£'000

£'000

£'000

 

Unaudited

 

 

Revenue

 

Sales to external customers

-

-

-

-

 

Segment revenue

-

-

-

-

 

 

Results

 

Segment result

(522)

(15)

(310)

(847)

 

 

Total assets less liabilities

3,889

2

5,257

9,148

 

 

United Kingdom

South America

South East Asia

Total

 

Six months ended 30 June 2022

 

£'000

£'000

£'000

£'000

 

Unaudited

 

 

Revenue

 

Sales to external customers

-

-

-

-

 

Segment revenue

-

-

-

-

 

 

Results

 

Segment result

(178)

(6)

(235)

(419)

 

 

Total assets less liabilities

2,322

5

3,499

5,826

 

 

United Kingdom

South America

South East Asia

Total

 

Year ended 31 December 2022

 

£'000

£'000

£'000

£'000

 

Audited

 

 

Revenue

 

Sales to external customers

-

-

-

-

 

Segment revenue

-

-

-

-

 

 

Results

 

Segment result

(712)

(71)

(604)

(1,387)

 

 

Total assets less liabilities

5,715

5

4,368

10,088

 

 

 

 

 

 

 

 

 

 

 

5. Administration expenses

 

6 months to

6 months to

Year to

 

30 June

30 June

31 December

 

2023

2022

2022

 

Unaudited

Unaudited

Audited

 

£'000

£'000

£'000

 

Directors' and employee benefit expense

443

251

632

 

Legal and professional fees

242

91

410

 

Other expenses

93

155

149

 

 

778

497

1,191

 

 

 

6. Operating loss

 

 

6 months to

6 months to

Year to

 

30 June

30 June

31 December

 

2023

2022

2022

 

Unaudited

Unaudited

Audited

 

£'000

£'000

£'000

 

 

The loss on ordinary activities before taxation includes:

 

 

Auditors' remuneration

 

Audit

24

21

33

 

Other non-audit services

1

1

4

 

Exploration and evaluation expenditure

93

-

213

 

Depreciation of property, plant and equipment

17

8

33

 

Impairment reduction of foreign tax receivables

-

(44)

-

 

Loss/(gain) on exchange

37

(161)

(43)

 

 

 

 

7. Income tax expense

 

 

 

There was no tax expense during the period (30 June and 31 December 2022: nil).

 

 

8. Earnings/(loss) per Share

 

 

 

6 months to

6 months to

Year to

 

30 June

30 June

31 December

 

2023

2022

2022

 

Unaudited

Unaudited

Audited

 

Pence

Pence

Pence

 

Earnings/(loss) per ordinary share

 

Basic

(0.004)

(0.003)

(0.010)

 

Diluted

(0.004)

(0.003)

(0.010)

 

 

 

The earnings/(loss) per ordinary share is based on the Group's loss for the period of £847,000 (30 June 2022: £419,000; 31 December 2022: £1,387,000) and a weighted average number of shares in issue of 18,964,459,323 (30 June 2022: 12,373,667,710; 31 December 2022: 13,784,079,264).

 

9. Performance bond guarantee deposit

 

 

 

The Company's wholly-owned subsidiary, SundaGas Banda Unipessoal, Lda ("Banda"), has provided a performance guarantee to Autoridade Nacional do Petróleo ("ANP"), formerly known as Autoridade Nacional do Petróleo e Minerais ("ANPM"), in respect of the offshore Timor-Leste TL-SO-19-16 Production Sharing Contract ("PSC"). This performance guarantee was secured by a bank guarantee given by United Overseas Bank Limited of Singapore ("UOB") backed by a cash deposit of US$1 million. This arrangement was originally put in place in November 2019 at the outset of the PSC, was extended in November 2022, and expired on 1 August 2023. Banda replaced this guarantee on expiry with a new guarantee secured by a bank deposit of the same amount given by The Australia and New Zealand Banking Group Limited ("ANZ"), which expires on 1 February 2024. It is anticipated that the bank guarantee will be released following the conclusion of the current phase of the PSC which is currently 18 December 2023 as the Directors consider that all work commitments to the end of the current phase will have been met.

The original guarantee was set up by SundaGas Pte. Ltd ("SGPL"), the former owners of Banda, and remained in their name beyond the acquisition of Banda by the Company, so as not to disrupt the contractual position of the PSC. As a result, on expiry the bond was initially released to SGPL which in turn released funds to Banda on 1 August 2023.

 

10. Called up Share Capital

 

 

 

On 23 February 2023, the Company issued 62,500,000 Ordinary Shares of 0.025p each at an issue price of 0.1p per share following the exercise of options, yielding net proceeds after costs of £50,000.

 

 

11. Reconciliation of operating loss to net cash outflow from operating activities

 

 

 

6 months to

6 months to

Year to

 

30 June

30 June

31 December

 

2023

2022

2022

 

Unaudited

Unaudited

Audited

 

£'000

£'000

£'000

 

Loss for the period

(847)

(419)

(1,387)

 

Depreciation and amortisation

17

8

33

 

Finance income shown as an investing activity

(82)

(2)

(12)

 

Interest on lease liability

4

 -

4

 

Foreign currency translation

(6)

(174)

(74)

 

(Increase)/decrease in receivables

(16)

(65)

(47)

 

(Decrease)/increase in payables

(242)

141

(267)

 

 

(1,172)

(511)

(1,750)

 

 

12. Related party transactions

 

 

SundaGas (Timor-Leste Sahul) Pty. Ltd ("TLS"), a wholly-owned subsidiary, paid fees amounting to US$152,000 (30 June 2022: US$138,000, 31 December 2022: US$285,000) to SundaGas Pte. Ltd, a company in which Dr. Andrew Butler, a director of TLS, held a significant interest

 

The directors' aggregate remuneration, associated benefits and share-based payments in respect of qualifying services during the period amounted to £308,000 (30 June 2022: £161,000, 31 December 2022: £390,000).

 

During the period, key management personnel did not subscribe to any shares in the Company, nor were any options to subscribe to new shares granted. During 2022, key management personnel subscribed for new ordinary shares of £0.00025 each in the Company as part of placings and subscriptions of new ordinary shares as follows.

 

Announced 29 April 2022, at a price of 0.06p per share

Announced 16 November 2022, at a price of 0.12p per share

 

Andrew Yeo

16,150,000 shares

8,000,000 shares

 

Dr Andrew Butler

-

50,000,000 shares

 

 

Also during 2022, key management personnel were awarded options to subscribe to new ordinary shares of £0.00025 each in the Company as follows.

 

Number

Exercise price

Final exercise date

 

Dr Andrew Butler

175,000,000

0.07p

14 July 2025

 

 

The share options awarded to Dr Butler are exercisable at 0.07p, expire three years from grant date and will only vest upon Baron Oil making an announcement that the first appraisal well on the Chuditch PSC has spudded, or in certain limited circumstances such as a takeover event.

On 25 November 2022, the Company assumed 100% of the collateral for a US$1 million amount (the "Deposit") in relation to the performance bank guarantee arrangements connected to the Chuditch PSC (the "Guarantee"), by providing approximately US$667,000 to SundaGas Pte. Ltd ("SGPL") to replace the two thirds contribution (approximately US$667,000) previously made by SGPL, which was the other indirect shareholder in SundaGas Banda Unipessoal Lda. until 18 June 2021. The relationship agreement between SGPL, its principals and Baron as originally announced on 18 June 2021 (the "Relationship Agreement") was also varied so that Baron is entitled to all the benet of and rights to the return of the Deposit should it be released or when the Guarantee expires in due course on 1 August 2023. The changes to the provision of the funds for the Deposit and the variations to the Relationship Agreement were deemed to be related party transactions pursuant to the AIM Rules for Companies. The Guarantee was released on expiry and the deposit was returned to Baron in full on 1 August 2023. See also note 9 above.

13. Events after the reporting period

 

Following the extension to the second contract year of the TL-SO-19-16 Production Sharing Contract offshore Democratic Republic of Timor-Leste, announced by the Company on 2 June 2023, the Company entered into a replacement performance guarantee secured by a bank guarantee given by The Australia and New Zealand Banking Group Limited ("ANZ") backed by a cash deposit of US$1 million. See note 9 for further details.

On 12 July 2023, the Company announced that a two year extension to Phase A of Licence P2478, in which the Company holds a 32% interest, was granted by the North Sea Transition Authority. As a result, a "drill or drop" decision is now required on or before 14 July 2025.

14. Financial Information

 

The unaudited interim financial information for period ended 30 June 2023 does not constitute statutory financial statements within the meaning of Section 435 of the Companies Act 2006. The comparative figures for the year ended 31 December 2022 are extracted from the statutory financial statements which have been filed with the Registrar of Companies and which contain an unqualified audit report and did not contain statements under Section 498 to 502 of the Companies Act 2006.

Copies of this interim financial information document are available from the Company at its registered office at Finsgate, 5-7 Cranwood Street, London EC1V 9EE. The interim financial information document will also be available on the Company's website www.baronoilPlc.com.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IR EAKNAAFADEFA
Date   Source Headline
21st Jun 202412:24 pmRNSResult of AGM and Change of Name
19th Jun 20247:00 amRNSEntry into Contract Year 3 of Chuditch PSC
11th Jun 20247:00 amRNSConferences and Investor Information Events
11th Jun 20247:00 amRNSDirector/PDMR shareholding - acquisition of shares
6th Jun 20243:26 pmRNSDirector/PDMR shareholding - acquisition of shares
28th May 20245:02 pmRNSDirector/PDMR shareholding - acquisition of shares
28th May 20247:01 amRNSOperational update
28th May 20247:00 amRNSResults for the Year Ended 31 December 2023
7th May 20247:00 amRNSUpdate re. UK 33rd Offshore Licensing Round
23rd Apr 20247:00 amRNSUpdate on Changes to Board and Appointment of CFO
16th Apr 20247:00 amRNSOperational Update on Chuditch PSC
2nd Apr 20249:34 amRNSDirectorate Change
28th Mar 20247:00 amRNSUK Licence P2478 Update
27th Mar 20248:00 amRNSUpdate on Chuditch PSC Operations and IR Materials
15th Mar 202412:00 pmRNSChanges to Board of Directors
29th Feb 20245:00 pmRNSTotal Voting Rights
16th Feb 20247:00 amRNSResult of WRAP Retail Offer & Result of Fundraise
15th Feb 20245:01 pmRNSWRAP Retail Offer
15th Feb 20245:00 pmRNSPlacing and Subscription to raise £3 million
8th Feb 20247:00 amRNSCompletion of Farm-Up with TIMOR GAP
1st Feb 202410:14 amRNSFarm-Up with TIMOR GAP becomes Unconditional
24th Jan 20247:00 amRNSFarm-Up Signed with Timor Gap
18th Dec 20237:00 amRNSMOU signed for Chuditch Farm-Up with Timor Gap
5th Dec 202310:07 amRNSChuditch PSC Update – 6 Month Extension Granted
30th Nov 20237:00 amRNSChuditch Operational Planning Update
13th Nov 20233:30 pmRNSChange of Joint Broker
11th Oct 20237:00 amRNSPlanned Chuditch-2 Appraisal Well Location
25th Sep 20237:00 amRNSInterim Results
12th Jul 20237:00 amRNSUK Licence P2478– 2 Year Phase A Extension Granted
3rd Jul 20237:00 amRNSDirector Appointment
29th Jun 202312:46 pmRNSResult of AGM
29th Jun 20237:00 amRNSAGM Statement
19th Jun 20237:00 amRNSProposed appointment of Director
9th Jun 20237:00 amRNSChange of Adviser
8th Jun 20237:00 amRNSOnline Investor Q&A
2nd Jun 20237:00 amRNSChuditch PSC Update – 6 Month Extension Granted
23rd May 20237:00 amRNSFinal Results for the Year Ended 31 December 2022
27th Mar 20234:35 pmRNSPrice Monitoring Extension
28th Feb 20235:00 pmRNSTotal Voting Rights
28th Feb 202311:05 amRNSSecond Price Monitoring Extn
28th Feb 202311:00 amRNSPrice Monitoring Extension
28th Feb 20239:05 amRNSSecond Price Monitoring Extn
28th Feb 20239:00 amRNSPrice Monitoring Extension
28th Feb 20237:00 amRNSCompetent Person's Report on the Chuditch PSC
20th Feb 20231:06 pmRNSExercise of options and total voting rights
16th Feb 20237:00 amRNSCompetent Person's Report on UK Licence P2478
15th Feb 20234:35 pmRNSPrice Monitoring Extension
15th Feb 20231:24 pmRNSHolding(s) in Company
15th Feb 202310:20 amRNSHolding in Company
14th Feb 20234:40 pmRNSSecond Price Monitoring Extn

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